ELV: Beats 2Q26 and Raises EPS Guidance by ~1%, Magnitude of MLR Beat / EPS Raise Appear Modestly Below the Bar

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ELV: Beats 2Q26 and Raises EPS Guidance by ~1%, Magnitude of MLR Beat / EPS Raise Appear Modestly Below the Bar

Equity Research

Flash Comment — July 15, 2026

Managed Care

Elevance Health, Inc.

Beats 2Q26 and Raises EPS Guidance by ~1%, Magnitude of Overweight

MLR Beat / EPS Raise Appear Modestly Below the Bar Price Target: $492.00

Ticker ELV

Our Call Upside/(Downside) to Target 15.3%

ELV beat 2Q26 EPS ex 1x below-the-line items and increased EPS guide by $0.25 Price (07/14/2026) $426.79

(reinvesting 1x benefits so $0.25 = core). MA and Exchanges drove upside. Medicaid 52 Week Range $273.71 - 436.24

trends will be in focus as we think magnitude of upside could be somewhat disappointing. Market Cap (MM) $94,065

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

2Q26 Results. Adj EPS of $7.45 was well above WFS / Cons ests of $6.27 / $6.21 and Stephen Baxter, CFA

included ~$0.80 below-the-line benefits, underlying EPS of $6.65 still solidly favorable. Equity Analyst | Wells Fargo Securities, LLC

Stephen.Baxter@wellsfargo.com | 212-214-8041

Health Benefits was modestly favorable, with more upside in Carelon. ELV raised 2026

adjusted EPS guidance to >$27.00 (vs. >$26.75). Op rev of $49.8B was +0.8% y/y and James Lemmis

above WFS / Cons of $48.3B / $48.6B. Prems flat y/y and +4.5% vs. our est. Product rev Associate Equity Analyst | Wells Fargo Securities, LLC James.Lemmis@wellsfargo.com | 212-214-5336

+3.7% y/y and -3.4% vs. our est. Fees +8.3% y/y and +0.5% vs. our est.

Mitchell Ostrovsky

Associate Equity Analyst | Wells Fargo Securities, LLC

Cost of prod +10bps y/y to 87.7%, G&A 11.0% and in line with our est. MLR was 89.7%, Mitchell.Ostrovsky@wellsfargo.com | 212-214-7243